BlackRock Real Asset Equity Trust (BCF)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21931

Name of Fund: BlackRock Real Asset Equity Trust (BCF)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Real Asset Equity Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2011

Date of reporting period: 07/31/2011

Item 1    –    Schedule of Investments

Schedule of Investments July 31, 2011 (Unaudited)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Shares      Value  

Common Stocks

      

Chemicals – 9.9%

      

Agrium, Inc.(a)

      76,200       $ 6,658,356   

Air Products & Chemicals, Inc.

      92,900         8,243,017   

Celanese Corp., Series A

      97,600         5,380,688   

The Dow Chemical Co.

      173,025         6,033,382   

E.I. du Pont de Nemours & Co.(a)

      356,579         18,335,292   

Monsanto Co.(a)

      71,400         5,246,472   

The Mosaic Co.(a)

      20,200         1,428,544   

Olin Corp.(a)

      180,200         3,767,982   

Potash Corp. of Saskatchewan, Inc.(a)

      189,300         10,943,433   

Praxair, Inc.(a)

      161,900         16,779,316   
     

 

 

  
        82,816,482   
     

 

 

  

Containers & Packaging – 1.1%

      

Temple-Inland, Inc.(a)

      306,383         9,197,618   
     

 

 

  

Energy Equipment & Services – 6.8%

      

Basic Energy Services, Inc.(a)(b)

      44,400         1,438,116   

Calfrac Well Services Ltd.

      16,500         627,050   

Core Laboratories NV

      114,500         12,443,860   

Halliburton Co.(a)

      172,800         9,457,344   

Key Energy Services, Inc.(a)(b)

      250,100         4,874,449   

Noble Corp.(a)

      79,102         2,916,491   

Patterson-UTI Energy, Inc.(a)

      69,600         2,264,088   

Schlumberger Ltd.(a)

      142,500         12,877,725   

Seadrill Ltd.

      92,877         3,232,874   

Technip SA

      26,900         2,945,451   

Trican Well Service Ltd.

      142,300         3,724,866   
     

 

 

  
        56,802,314   
     

 

 

  

Machinery – 3.5%

      

Caterpillar, Inc.(a)

      235,200         23,235,408   

Deere & Co.(a)

      75,300         5,911,803   
     

 

 

  
        29,147,211   
     

 

 

  

Metals & Mining – 43.7%

      

African Rainbow Minerals Ltd.

      278,750         7,865,569   

Agnico-Eagle Mines Ltd.(a)

      106,950         5,962,464   

Alamos Gold, Inc.

      455,000         8,062,327   

Alcoa, Inc.(a)

      280,450         4,131,030   

Allegheny Technologies, Inc.(a)

      38,600         2,246,134   

Alumina Ltd.

      2,021,066         4,811,081   

Anglo American Plc

      97,945         4,635,986   

Anglo Platinum Ltd.

      50,444         4,311,541   

Barrick Gold Corp.(a)

      97,700         4,647,589   

BHP Billiton Plc

      878,600         32,819,998   

Carpenter Technology Corp.

      40,666         2,335,855   

Cia de Minas Buenaventura SA - ADR(a)

      281,100         11,508,234   

Cliffs Natural Resources, Inc.(a)

      27,500         2,470,050   

Detour Gold Corp.(b)

      94,000         2,954,440   

Eramet

      15,150         4,215,665   

First Quantum Minerals Ltd.

      106,000         14,695,442   

Freeport-McMoRan Copper & Gold, Inc.(a)

      125,700         6,657,072   

Fresnillo Plc

      475,000         13,627,892   

Goldcorp, Inc.(a)

      171,450         8,197,026   

Harry Winston Diamond Corp.(b)

      142,600         2,220,826   

IAMGOLD Corp.

      96,500         1,931,111   

Iluka Resources Ltd.

      1,200,686         23,406,859   

Impala Platinum Holdings Ltd.

      510,200         13,029,679   

Industrias Penoles SAB de CV

      513,569         22,135,803   

Jiangxi Copper Co. Ltd., Class H

      1,621,500         5,693,061   

Kazakhmys Plc

      251,400         5,522,720   

Minara Resources Ltd.

      1,560,000         1,145,271   

Minsur SA

      3,846,986         5,408,990   

MMC Norilsk Nickel OJSC - ADR(b)

      12,823         341,684   

Newcrest Mining Ltd.

      137,885         6,012,760   

Newmont Mining Corp.(a)

      67,550         3,756,456   

OZ Minerals Ltd.

      559,459         8,353,862   

Rio Tinto Plc

      517,104         36,501,559   

Southern Copper Corp.(a)

      75,400         2,575,664   

Straits Resources Ltd.(b)

      692,629         598,523   

Teck Resources Ltd., Class B

      288,400         14,289,451   

United States Steel Corp.(a)

      39,900         1,595,601   

Vale SA - ADR(a)

      725,300         23,528,732   

Vedanta Resources Plc

      432,700         12,510,029   

Xstrata Plc

      1,177,996         24,853,683   

Zijin Mining Group Co. Ltd.

      6,231,731         3,368,599   
     

 

 

  
        364,936,318   
     

 

 

  

Oil, Gas & Consumable Fuels – 28.0%

      

Alpha Natural Resources, Inc.(a)(b)

      364,112         15,551,224   

Angle Energy, Inc.(b)

      183,800         1,844,829   

Apache Corp.(a)

      93,200         11,530,704   

Arch Coal, Inc.(a)

      83,000         2,124,800   

Bill Barrett Corp.(b)

      71,300         3,547,888   

BP Plc - ADR(a)

      83,200         3,780,608   

Cenovus Energy, Inc.(a)

      117,600         4,509,960   

Chesapeake Energy Corp.(a)

      160,100         5,499,435   

Coal & Allied Industries Ltd.

      15,000         1,689,591   

ConocoPhillips(a)

      22,400         1,612,576   

Consol Energy, Inc.

      227,279         12,182,154   

Continental Resources, Inc.(a)(b)

      49,300         3,381,487   

Crescent Point Energy Corp.

      161,424         7,256,435   

Denbury Resources, Inc.(a)(b)

      334,500         6,462,540   

Energy XXI (Bermuda) Ltd.(a)(b)

      137,500         4,511,375   

EOG Resources, Inc.(a)

      99,000         10,098,000   

EQT Corp.

      144,000         9,141,120   

Forest Oil Corp.(a)(b)

      143,000         3,718,000   

Galleon Energy, Inc., Class A(b)

      317,400         1,139,444   

Gasco Energy, Inc.(b)(c)

      579,700         162,316   

Hess Corp.(a)

      51,300         3,517,128   

James River Coal Co.(a)(b)

      159,500         3,024,120   

Kosmos Energy Ltd.

      100,000         1,519,000   

Newfield Exploration Co.(a)(b)

      69,400         4,678,948   

Noble Energy, Inc.(a)

      76,800         7,655,424   

Occidental Petroleum Corp.(a)

      111,100         10,907,798   

OGX Petroleo e Gas Participacoes SA(b)

      401,100         3,344,116   

Patriot Coal Corp.(a)(b)

      122,460         2,315,719   

Peabody Energy Corp.(a)

      172,300         9,902,081   

Penn West Petroleum Ltd.(a)

      337,100         7,520,701   

PetroBakken Energy Ltd., Class A

      36,600         538,590   

PetroChina Co. Ltd. - ADR(a)

      14,500         2,062,335   

Petrohawk Energy Corp.(a)(b)

      157,400         6,011,106   

Plains Exploration & Production Co.(a)(b)

      157,100         6,128,471   

Premier Oil Plc(b)

      450,800         2,991,570   

QEP Resources, Inc.

      112,100         4,913,343   

Range Resources Corp.(a)

      102,400         6,672,384   

Rex Energy Corp.(a)(b)

      140,100         1,550,907   

Southwestern Energy Co.(a)(b)

      147,600         6,577,056   

Statoil ASA

      196,000         4,830,751   

Suncor Energy, Inc.(a)

      136,300         5,209,386   

Talisman Energy, Inc.(a)

      312,200         5,697,650   

Ultra Petroleum Corp.(a)(b)

      82,800         3,876,696   

Whiting Petroleum Corp.(a)(b)

      219,000         12,833,400   
     

 

 

  
        234,023,166   
     

 

 

  

 

         JULY 31, 2011   1

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Shares      Value  

Common Stocks

      

Paper & Forest Products – 5.0%

      

Fibria Celulose SA - ADR(a)

      315,600       $ 3,774,576   

International Paper Co.(a)

      409,400         12,159,180   

MeadWestvaco Corp.(a)

      440,500         13,717,170   

Mondi Plc

      322,512         3,154,899   

Weyerhaeuser Co.(a)

      466,900         9,333,323   
     

 

 

  
        42,139,148   
     

 

 

  

Total Long-Term Investments
(Cost – $611,082,981) – 98.0%

         819,062,257   
     

 

 

  
     Shares/
Beneficial
Interest		         

Short-Term Securities

      

BlackRock Liquidity Funds, TempFund, Institutional Class,

      

0.06%(d)(e)

      17,431,654         17,431,654   

BlackRock Liquidity Series, LLC Money Market Series,

      

0.09%(d)(e)(f)

    $ 5,900         5,900   
     

 

 

  

Total Short-Term Securities
(Cost – $17,437,554) – 2.1%

         17,437,554   
     

 

 

  

Total Investments Before Outstanding Options Written
(Cost – $628,520,535*) – 100.1%

         836,499,811   
     

 

 

  
     Contracts         

Options Written

      

Exchange-Traded Call Options Written – (0.5)%

      

Agnico-Eagle Mines Ltd., Strike Price USD 67.50, Expires 8/22/11

      350         (3,325 ) 

Agrium, Inc.:

      

Strike Price USD 90, Expires 8/22/11

      100         (17,250 ) 

Strike Price USD 85, Expires 8/22/11

      152         (65,360 ) 

Alcoa, Inc.:

      

Strike Price USD 16, Expires 8/22/11

      400         (4,800 ) 

Strike Price USD 15, Expires 8/22/11

      110         (4,015 ) 

Strike Price USD 17, Expires 9/19/11

      200         (2,400 ) 

Strike Price USD 16, Expires 9/19/11

      200         (5,400 ) 

Allegheny Technologies, Inc., Strike Price USD 67.50, Expires 9/19/11

      120         (9,900 ) 

Alpha Natural Resources, Inc.:

      

Strike Price USD 49, Expires 8/22/11

      100         (2,850 ) 

Strike Price USD 46, Expires 8/22/11

      205         (16,605 ) 

Strike Price USD 47, Expires 8/22/11

      200         (11,700 ) 

Apache Corp., Strike Price USD 120, Expires 8/22/11

      310         (190,650 ) 

Arch Coal, Inc.:

      

Strike Price USD 27, Expires 8/22/11

      135         (7,222 ) 

Strike Price USD 28, Expires 8/22/11

      135         (3,915 ) 

Barrick Gold Corp., Strike Price USD 50, Expires 9/19/11

      325         (34,450 ) 

Basic Energy Services, Inc., Strike Price USD 35, Expires 8/22/11

      145         (11,238 ) 

BP Plc - ADR:

      

Strike Price USD 45, Expires 8/22/11

      145         (17,472 ) 

Strike Price USD 46, Expires 8/22/11

      145         (10,802 ) 

Caterpillar, Inc.:

      

Strike Price USD 100, Expires 8/22/11

      180         (51,750 ) 

Strike Price USD 111, Expires 8/22/11

      225         (7,395 ) 

Strike Price USD 110, Expires 8/22/11

      70         (3,115 ) 

Strike Price USD 110, Expires 11/21/11

      175         (56,000 ) 

Strike Price USD 115, Expires 11/21/11

      175         (36,138 ) 

Cenovus Energy, Inc., Strike Price USD 40, Expires 9/19/11

      385         (39,463 ) 

Chesapeake Energy Corp.:

      

Strike Price USD 29, Expires 8/22/11

      265         (145,088 ) 

Strike Price USD 30, Expires 8/22/11

      265         (120,575 ) 

Cia de Minas Buenaventura SA - ADR:

      

Strike Price USD 38, Expires 8/22/11

      465         (141,825 ) 

Strike Price USD 38, Expires 9/19/11

      465         (176,700 ) 

Cliffs Natural Resources, Inc., Strike Price USD 100, Expires 9/19/11

      90         (14,580 ) 

ConocoPhillips, Strike Price USD 77.50, Expires 9/19/11

      75         (5,738 ) 

Continental Resources, Inc.:

      

Strike Price USD 65, Expires 8/22/11

      90         (44,550 ) 

Strike Price USD 70, Expires 9/19/11

      75         (24,000 ) 

Deere & Co., Strike Price USD 82.50, Expires 8/22/11

      260         (31,980 ) 

Denbury Resources, Inc.:

      

Strike Price USD 20, Expires 8/22/11

      715         (37,538 ) 

Strike Price USD 20, Expires 9/19/11

      385         (33,688 ) 

E.I. du Pont de Nemours & Co., Strike Price USD 55, Expires 8/22/11

      700         (12,950 ) 

Energy XXI (Bermuda) Ltd.:

      

Strike Price USD 35, Expires 8/22/11

      75         (5,812 ) 

Strike Price USD 33, Expires 8/22/11

      155         (24,412 ) 

Strike Price USD 36, Expires 9/19/11

      75         (9,000 ) 

EOG Resources, Inc.:

      

Strike Price USD 105, Expires 8/22/11

      300         (67,200 ) 

Strike Price USD 110, Expires 8/22/11

      50         (4,375 ) 

Fibria Celulose SA - ADR, Strike Price USD 12.50, Expires 9/19/11

      520         (23,400 ) 

Forest Oil Corp.:

      

Strike Price USD 27, Expires 8/22/11

      235         (21,738 ) 

Strike Price USD 28, Expires 8/22/11

      235         (15,275 ) 

Freeport-McMoRan Copper & Gold, Inc.:

      

Strike Price USD 50, Expires 8/22/11

      105         (41,475 ) 

Strike Price USD 55, Expires 8/22/11

      315         (38,115 ) 

Strike Price USD 60, Expires 9/19/11

      40         (3,040 ) 

Goldcorp, Inc.:

      

Strike Price USD 48, Expires 8/22/11

      275         (41,665 ) 

Strike Price USD 57.50, Expires 9/19/11

      290         (7,975 ) 

Halliburton Co., Strike Price USD 57.50, Expires 8/22/11

      50         (4,475 ) 

Hess Corp., Strike Price USD 75, Expires 8/22/11

      170         (8,245 ) 

International Paper Co.:

      

Strike Price USD 28, Expires 8/22/11

      470         (95,175 ) 

Strike Price USD 29, Expires 8/22/11

      470         (61,805 ) 

Strike Price USD 31, Expires 8/22/11

      420         (17,010 ) 

James River Coal Co.:

      

Strike Price USD 22, Expires 8/22/11

      314         (6,280 ) 

Strike Price USD 23, Expires 8/22/11

      210         (3,150 ) 

Strike Price USD 24, Expires 9/19/11

      30         (525 ) 

Key Energy Services, Inc., Strike Price USD 20, Expires 9/19/11

      615         (63,038 ) 

 

2        JULY 31, 2011    

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts      Value  

Options Written

      

Exchange-Traded Call Options Written (continued)

      

MeadWestvaco Corp.:

      

Strike Price USD 35, Expires 8/22/11

      500       $ (5,000 ) 

Strike Price USD 35, Expires 9/19/11

      455         (7,963 ) 

Monsanto Co., Strike Price USD 75, Expires 9/19/11

      235         (54,873 ) 

The Mosaic Co., Strike Price USD 70, Expires 8/22/11

      70         (20,020 ) 

Newfield Exploration Co., Strike Price USD 75, Expires 9/19/11

      240         (24,600 ) 

Newmont Mining Corp., Strike Price USD 60, Expires 9/19/11

      225         (18,000 ) 

Noble Corp., Strike Price USD 38, Expires 8/22/11

      140         (8,610 ) 

Noble Energy, Inc., Strike Price USD 95, Expires 8/22/11

      250         (143,750 ) 

Occidental Petroleum Corp.:

      

Strike Price USD 105, Expires 8/22/11

      100         (8,150 ) 

Strike Price USD 110, Expires 8/22/11

      125         (3,188 ) 

Olin Corp., Strike Price USD 22.50, Expires 8/22/11

      600         (9,000 ) 

Patriot Coal Corp.:

      

Strike Price USD 22, Expires 8/22/11

      320         (6,080 ) 

Strike Price USD 25, Expires 8/22/11

      85         (468 ) 

Patterson-UTI Energy, Inc., Strike Price USD 35, Expires 9/19/11

      230         (24,725 ) 

Peabody Energy Corp., Strike Price USD 57.50, Expires 8/22/11

      370         (75,850 ) 

Penn West Petroleum Ltd.:

      

Strike Price USD 23, Expires 8/22/11

      555         (16,650 ) 

Strike Price USD 24, Expires 8/22/11

      560         (4,200 ) 

PetroChina Co. Ltd. - ADR, Strike Price USD 150, Expires 8/22/11

      50         (4,875 ) 

Petrohawk Energy Corp.:

      

Strike Price USD 27, Expires 8/22/11

      50         (56,125 ) 

Strike Price USD 25, Expires 8/22/11

      100         (131,750 ) 

Strike Price USD 26, Expires 8/22/11

      246         (299,505 ) 

Pitney Bowes, Inc., Strike Price USD 39, Expires 8/22/11

      120         (4,140 ) 

Plains Exploration & Production Co., Strike Price USD 40, Expires 9/19/11

      518         (103,082 ) 

Potash Corp. of Saskatchewan, Inc.:

      

Strike Price USD 55, Expires 8/22/11

      315         (116,550 ) 

Strike Price USD 57.50, Expires 8/22/11

      315         (67,410 ) 

Praxair, Inc.:

      

Strike Price USD 105, Expires 8/22/11

      270         (41,175 ) 

Strike Price USD 115, Expires 8/22/11

      41         (410 ) 

Strike Price USD 110, Expires 9/19/11

      225         (16,875 ) 

Range Resources Corp.:

      

Strike Price USD 55, Expires 8/22/11

      145         (150,075 ) 

Strike Price USD 62.50, Expires 9/19/11

      195         (101,400 ) 

Rex Energy Corp., Strike Price USD 12.50, Expires 8/22/11

      500         (10,000 ) 

Schlumberger Ltd.:

      

Strike Price USD 92.50, Expires 11/21/11

      500         (272,500 ) 

Strike Price USD 105, Expires 11/21/11

      50         (7,975 ) 

Southern Copper Corp., Strike Price USD 37, Expires 9/19/11

      250         (16,250 ) 

Southwestern Energy Co., Strike Price USD 45, Expires 8/22/11

      128         (17,216 ) 

Suncor Energy, Inc.:

      

Strike Price USD 41, Expires 8/22/11

      35         (1,120 ) 

Strike Price USD 40, Expires 8/22/11

      380         (20,900 ) 

Strike Price USD 41, Expires 9/19/11

      35         (2,782 ) 

Talisman Energy, Inc., Strike Price USD 20, Expires 8/22/11

      1,030         (10,300 ) 

Temple-Inland, Inc.:

      

Strike Price USD 31, Expires 8/22/11

      470         (11,750 ) 

Strike Price USD 32, Expires 9/19/11

      540         (14,850 ) 

Ultra Petroleum Corp.:

      

Strike Price USD 47, Expires 8/22/11

      110         (16,500 ) 

Strike Price USD 48, Expires 9/19/11

      165         (28,463 ) 

United States Steel Corp., Strike Price USD 45, Expires 9/19/11

      130         (9,620 ) 

Vale SA - ADR:

      

Strike Price USD 32, Expires 8/20/11

      800         (88,400 ) 

Strike Price USD 33, Expires 8/22/11

      450         (26,775 ) 

Strike Price USD 32, Expires 9/19/11

      700         (103,600 ) 

Strike Price USD 33, Expires 9/19/11

      450         (44,775 ) 

Weyerhaeuser Co.:

      

Strike Price USD 22, Expires 8/22/11

      425         (5,313 ) 

Strike Price USD 23, Expires 8/22/11

      425         (4,250 ) 

Whiting Petroleum Corp.:

      

Strike Price USD 55, Expires 8/22/11

      60         (27,600 ) 

Strike Price USD 57.50, Expires 8/22/11

      220         (64,350 ) 

Strike Price USD 62.50, Expires 8/22/11

      150         (13,875 ) 
     

 

 

  

Total Exchange-Traded Call Options Written

         (4,309,275 ) 
     

 

 

  

Over-the-Counter Call Options Written – (0.8)%

      

African Rainbow Minerals Ltd.:

      

Strike Price ZAR 192.55, Expires 8/17/11, Broker Citigroup Global Markets, Inc.

      46,000         (18,652 ) 

Strike Price ZAR 191.55, Expires 9/13/11, Broker UBS Securities LLC

      46,000         (38,046 ) 

Alamos Gold, Inc.:

      

Strike Price CAD 16, Expires 8/22/11, Broker T.D. Securities

      2,400         (307,708 ) 

Strike Price CAD 17, Expires 8/22/11, Broker T.D. Securities

      2,150         (135,015 ) 

Alpha Natural Resources, Inc.:

      

Strike Price USD 50.87, Expires 8/08/11, Broker Morgan Stanley & Co., Inc.

      53,000         (552 ) 

Strike Price USD 50.13, Expires 11/01/11, Broker Deutsche Bank Securities Corp.

      10,000         (17,015 ) 

Alumina Ltd.:

      

Strike Price AUD 2.17, Expires 8/16/11, Broker Citigroup Global Markets, Inc.

      493,700         (34,707 ) 

Strike Price AUD 2.21, Expires 8/16/11, Broker Citigroup Global Markets, Inc.

      173,500         (8,676 ) 

 

         JULY 31, 2011   3

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts      Value  

Options Written

      

Over-the-Counter Call Options Written (continued)

      

Angle Energy, Inc.:

      

Strike Price CAD 9.62, Expires 8/11/11, Broker Morgan Stanley & Co., Inc.

      30,500       $ (8,390 ) 

Strike Price CAD 9.43, Expires 8/25/11, Broker Deutsche Bank Securities Corp.

      30,000         (15,144 ) 

Anglo American Platinum Ltd., Strike Price ZAR 606.51, Expires 9/13/11, Broker Citigroup Global Markets, Inc.

      16,700         (19,143 ) 

Anglo American Plc, Strike Price GBP 30.04, Expires 9/13/11, Broker Societe General Securities Corp.

      32,400         (42,656 ) 

BHP Billiton Plc, Strike Price GBP 23.88, Expires 9/13/11, Broker Citigroup Global Markets, Inc.

      290,000         (194,977 ) 

Bill Barrett Corp., Strike Price USD 47.95, Expires 8/15/11, Broker Citigroup Global Markets, Inc.

      23,500         (63,113 ) 

Carpenter Technology Corp., Strike Price USD 51.82, Expires 8/02/11, Broker Morgan Stanley & Co., Inc.

      14,000         (78,736 ) 

Celanese Corp., Strike Price USD 49.30, Expires 8/03/11, Broker JPMorgan Chase Securities

      33,000         (192,522 ) 

Coal & Allied Industries Ltd., Strike Price AUD 104.99, Expires 9/07/11, Broker Citigroup Global Markets, Inc.

      5,000         (12,277 ) 

Consol Energy, Inc., Strike Price USD 54.39, Expires 11/04/11, Broker UBS Securities LLC

      75,000         (295,821 ) 

Core Laboratories NV:

      

Strike Price USD 110.82, Expires 8/15/11, Broker Morgan Stanley & Co., Inc.

      14,500         (23,398 ) 

Strike Price USD 117.15, Expires 9/13/11, Broker Morgan Stanley & Co., Inc.

      23,500         (11,935 ) 

Crescent Point Energy Corp.:

      

Strike Price CAD 44, Expires 8/22/11, Broker Bank of Montreal

      147         (6,154 ) 

Strike Price CAD 44, Expires 9/19/11, Broker Bank of Montreal

      390         (30,614 ) 

Detour Gold Corp., Strike Price CAD 30, Expires 8/22/11, Broker T.D. Securities

      310         (33,257 ) 

The Dow Chemical Co.:

      

Strike Price USD 35.46, Expires 8/01/11, Broker Morgan Stanley & Co., Inc.

      5,000         –   

Strike Price USD 35.14, Expires 8/03/11, Broker Goldman Sachs & Co.

      57,000         (19,709 ) 

E.I. du Pont de Nemours & Co., Strike Price USD 55.02, Expires 9/06/11, Broker Goldman Sachs & Co.

      6,700         (3,010 ) 

Energy XXI (Bermuda) Ltd., Strike Price USD 31.02, Expires 8/11/11, Broker Morgan Stanley & Co., Inc.

      15,000         (35,064 ) 

EQT Corp.:

      

Strike Price USD 55.05, Expires 8/03/11, Broker Morgan Stanley & Co., Inc.

      33,000         (278,190 ) 

Strike Price USD 50.99, Expires 8/08/11, Broker Citigroup Global Markets, Inc.

      14,500         (181,062 ) 

Eramet:

      

Strike Price EUR 230.89, Expires 8/17/11, Broker Deutsche Bank Securities Corp.

      2,500         (16 ) 

Strike Price EUR 209.46, Expires 9/13/11, Broker UBS Securities LLC

      2,500         (6,711 ) 

Fibria Celulose SA - ADR, Strike Price USD 13.53, Expires 8/26/11, Broker Morgan Stanley & Co., Inc.

      52,000         (1,870 ) 

First Quantum Minerals Ltd., Strike Price CAD 135, Expires 8/22/11, Broker T.D. Securities

      350         (211,550 ) 

Fresnillo Plc:

      

Strike Price GBP 14.33, Expires 8/17/11, Broker Morgan Stanley & Co., Inc.

      82,500         (426,405 ) 

Strike Price GBP 16.69, Expires 9/13/11, Broker Morgan Stanley & Co., Inc.

      74,300         (174,351 ) 

Halliburton Co.:

      

Strike Price USD 48.50, Expires 8/02/11, Broker Banc of America Securities

      29,000         (180,670 ) 

Strike Price USD 55.47, Expires 11/03/11, Broker UBS Securities LLC

      28,000         (104,720 ) 

Harry Winston Diamond Corp., Strike Price CAD 17, Expires 9/19/11, Broker Bank of Montreal

      470         (10,822 ) 

IAMGOLD Corp.:

      

Strike Price CAD 19, Expires 8/22/11, Broker T.D. Securities

      160         (13,146 ) 

Strike Price CAD 20, Expires 8/22/11, Broker T.D. Securities

      160         (6,615 ) 

Iluka Resources Ltd., Strike Price AUD 17.11, Expires 9/07/11, Broker Morgan Stanley & Co., Inc.

      396,300         (620,129 ) 

Impala Platinum Holdings Ltd., Strike Price ZAR 180.72, Expires 9/13/11, Broker UBS Securities LLC

      168,000         (76,608 ) 

Industrias Penoles SAB de CV:

      

Strike Price MXN 427.22, Expires 8/03/11, Broker Goldman Sachs & Co.

      41,500         (278,975 ) 

Strike Price MXN 453.15, Expires 8/05/11, Broker Deutsche Bank Securities Corp.

      42,700         (193,215 ) 

Strike Price MXN 436.83, Expires 8/17/11, Broker Deutsche Bank Securities Corp.

      42,700         (255,629 ) 

Strike Price MXN 528.23, Expires 9/14/11, Broker Citigroup Global Markets, Inc.

      42,700         (46,362 ) 

Jiangxi Copper Co. Ltd., Class H, Strike Price HKD 26.40, Expires 9/07/11, Broker Morgan Stanley & Co., Inc.

      535,000         (128,274 ) 

Kazakhmys Plc, Strike Price GBP 13.60, Expires 9/13/11, Broker UBS Securities LLC

      83,000         (78,055 ) 

Key Energy Services, Inc., Strike Price USD 17.14, Expires 8/22/11, Broker Banc of America Securities

      21,000         (50,081 ) 

Kosmos Energy Ltd., Strike Price USD 18.30, Expires 8/05/11, Broker Morgan Stanley & Co., Inc.

      18,000         (1 ) 

MeadWestvaco Corp., Strike Price USD 33.79, Expires 8/31/11, Broker Morgan Stanley & Co., Inc.

      50,000         (6,877 ) 

 

4        JULY 31, 2011    

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts      Value  

Options Written

      

Over-the-Counter Call Options Written (continued)

      

Minara Resources Ltd.:

      

Strike Price AUD 0.75, Expires 8/16/11, Broker Citigroup Global Markets, Inc.

      259,500       $ (69 ) 

Strike Price AUD 0.74, Expires 9/07/11, Broker Morgan Stanley & Co., Inc.

      255,300         (3,082 ) 

Minsur SA:

      

Strike Price PEN 4.13, Expires 8/02/11, Broker Credit Suisse First Boston

      319,500         (2,936 ) 

Strike Price PEN 3.18, Expires 8/17/11, Broker Credit Suisse First Boston

      319,500         (81,568 ) 

Strike Price PEN 4, Expires 9/14/11, Broker Citigroup Global Markets, Inc.

      639,000         (73,766 ) 

MMC Norilsk Nickel OJSC - ADR, Strike Price USD 27.14, Expires 8/17/11, Broker Citigroup Global Markets, Inc.

      4,300         (1,835 ) 

Mondi Plc, Strike Price GBP 6.25, Expires 9/13/11, Broker Morgan Stanley & Co., Inc.

      107,000         (17,703 ) 

Newcrest Mining Ltd., Strike Price AUD 39.12, Expires 9/07/11, Broker JPMorgan Chase Securities

      45,500         (76,163 ) 

Occidental Petroleum Corp., Strike Price USD 107.19, Expires 9/06/11, Broker Goldman Sachs & Co.

      12,000         (11,799 ) 

OGX Petroleo e Gas Participacoes SA, Strike Price BRL 14.05, Expires 9/14/11, Broker Citigroup Global Markets, Inc.

      132,400         (50,842 ) 

OZ Minerals Ltd., Strike Price AUD 13.39, Expires 9/07/11, Broker Citigroup Global Markets, Inc.

      184,700         (156,978 ) 

Peabody Energy Corp., Strike Price USD 66.96, Expires 8/01/11, Broker Citigroup Global Markets, Inc.

      20,000         –   

Petrobakken Energy Ltd., Strike Price CAD 15, Expires 8/22/11, Broker Bank of Montreal

      120         (2,826 ) 

Petrohawk Energy Corp., Strike Price USD 25.92, Expires 8/10/11, Broker Morgan Stanley & Co., Inc.

      6,000         (73,631 ) 

Premier Oil Plc, Strike Price GBP 4.07, Expires 9/13/11, Broker UBS Securities LLC

      148,800         (38,700 ) 

QEP Resources, Inc.:

      

Strike Price USD 43.50, Expires 8/08/11, Broker Banc of America Securities

      22,000         (14,725 ) 

Strike Price USD 41.84, Expires 8/12/11, Broker Deutsche Bank Securities Corp.

      16,000         (36,055 ) 

Rio Tinto Plc, Strike Price GBP 44.65, Expires 9/13/11, Broker Citigroup Global Markets, Inc.

      171,000         (267,492 ) 

Seadrill Ltd., Strike Price NOK 194.32, Expires 8/17/11, Broker Morgan Stanley & Co., Inc.

      30,700         (7,157 ) 

Southwestern Energy Co.:

      

Strike Price USD 41.82, Expires 8/05/11, Broker Deutsche Bank Securities Corp.

      18,000         (51,015 ) 

Strike Price USD 42.23, Expires 8/05/11, Broker Deutsche Bank Securities Corp.

      18,000         (44,506 ) 

Statoil ASA, Strike Price NOK 137.25, Expires 9/13/11, Broker UBS Securities LLC

      65,000         (23,901 ) 

Technip SA, Strike Price EUR 77.64, Expires 8/17/11, Broker Deutsche Bank Securities Corp.

      8,900         (17,784 ) 

Teck Resources Ltd., Class B:

      

Strike Price CAD 50, Expires 8/22/11, Broker Bank of Montreal

      500         (37,417 ) 

Strike Price CAD 53, Expires 8/22/11, Broker T.D. Securities

      500         (12,036 ) 

Trican Well Service Ltd., Strike Price CAD 26, Expires 9/19/11, Broker T.D. Securities

      470         (43,043 ) 

Vedanta Resources Plc, Strike Price GBP 18.68, Expires 9/13/11, Broker Morgan Stanley & Co., Inc.

      143,000         (103,165 ) 

Weyerhaeuser Co., Strike Price USD 22.41, Expires 8/29/11, Broker Deutsche Bank Securities Corp.

      69,000         (7,771 ) 

Whiting Petroleum Corp.:

      

Strike Price USD 67.22, Expires 8/01/11, Broker JPMorgan Chase Securities

      16,000         –   

Strike Price USD 63.88, Expires 11/02/11, Broker Deutsche Bank Securities Corp.

      19,000         (51,031 ) 

Xstrata Plc, Strike Price GBP 12.74, Expires 8/03/11, Broker Citigroup Global Markets, Inc.

      390,000         (182,678 ) 

Zijin Mining Group Co. Ltd., Strike Price HKD 4.17, Expires 9/07/11, Broker Morgan Stanley & Co., Inc.

      2,056,000         (51,432 ) 
     

 

 

  

Total Over-the-Counter Call Options Written

         (6,519,731 ) 
     

 

 

  

Total Options Written (Premiums Received– $9,596,175) – (1.3)%

         (10,829,006 ) 
     

 

 

  

Total Investments Net of Outstanding Options Written – 98.8%

         825,670,805   

Other Assets Less Liabilities – 1.2%

         9,948,547   
     

 

 

  

Net Assets – 100.0%

       $ 835,619,352   
     

 

 

  

 

* The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

    $ 665,847,784   
  

 

 

  

Gross unrealized appreciation

    $ 222,579,880   

Gross unrealized depreciation

      (51,927,853 ) 
  

 

 

  

Net unrealized appreciation

    $ 170,652,027   
  

 

 

  

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

 

(b) Non-income producing security.

 

(c) Security, or a portion of security, is on loan.

 

(d) Represents the current yield as of report date.

 

         JULY 31, 2011   5

Schedule of Investments (concluded)    BlackRock Real Asset Equity Trust (BCF)
  

 

(e) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

    Shares/
Beneficial Interest
Held at
October 31,
2010		      Net
Activity		     Shares/
Beneficial Interest
Held at
July 31,
2011		      Realized
Gain		      Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

      22,448,837         (5,017,183 )      17,431,654       $ 193       $ 22,915   

BlackRock Liquidity Series, LLC, Money Market Series

    $ 2,250,000       $ (2,244,100 )    $ 5,900         –       $ 2,985   

 

(f) Security purchased with the cash collateral from securities loans.

 

• Foreign currency exchange contracts as of July 31, 2011 were as follows:

 

Currency

Purchased

     

Currency

Sold

     

Counterparty

   

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

  

USD

      23,035       EUR      16,000       Deutsche Bank Securities Corp.      8/03/11       $ 46   

USD

      45,940       HKD      358,000       UBS Securities LLC      8/02/11         6   

USD

      53,076       NOK      288,000       RBS Securities, Inc.      8/02/11         (413 ) 
                 

 

 

  

Total

                   $ (361 ) 
                 

 

 

  

 

•  

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

•  

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized in three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

 

  •  

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 – unobservable inputs based on the best information available In the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report. The following tables summarize the inputs used as of July 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs

    Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments:

            

Common Stocks:

            

Chemicals

    $ 82,816,482         –         –       $ 82,816,482   

Containers & Packaging

      9,197,618         –         –         9,197,618   

Energy Equipment & Services

      50,623,989       $ 6,178,325         –         56,802,314   

Machinery

      29,147,211         –         –         29,147,211   

Metals & Mining

      151,310,297         213,626,021         –         364,936,318   

Oil, Gas & Consumable Fuels

      226,200,845         7,822,321         –         234,023,166   

Paper & Forest Products

      38,984,249         3,154,899         –         42,139,148   

Short-Term Securities

      17,431,654         5,900         –         17,437,554   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 605,712,345       $ 230,787,466         –       $ 836,499,811   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

Valuation Inputs

    Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

          

Assets:

          

Foreign currency exchange contracts

    $ 52        –        –       $ 52   

Liabilities:

          

Equity contracts

      (5,110,412 )    $ (5,718,594 )      –         (10,829,006 ) 

Foreign currency exchange contracts

      (413 )      –        –         (413 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total

    $ (5,110,773 )    $ (5,718,594 )      –       $ (10,829,367 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

1

Derivative financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options are shown at value.

 

6        JULY 31, 2011    

Item 2    –    Controls and Procedures
2(a)    –    The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b)    –    There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3    –    Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Real Asset Equity Trust

    
By:  

/s/ John M. Perlowski

    
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Real Asset Equity Trust
Date: September 26, 2011    

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ John M. Perlowski

    
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Real Asset Equity Trust
Date: September 26, 2011    
By:  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock Real Asset Equity Trust
Date: September 26, 2011